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Financial News: U.S. Consumer Sentiment Rebounds Slightly More Than Initia

U.S. Consumer Sentiment Rebounds Slightly More Than Initially Estimated

07/29/2022 - 11:18:00 (RTTNews)

(RTTNews) - The University of Michigan released revised data on Friday showing consumer sentiment in the U.S. rebounded by slightly more than initially estimated in the month of July.

The report showed the consumer sentiment index for July was upwardly revised to 51.5 from the preliminary reading of 51.1. Economists had expected the index to be unrevised.

With the upward revision, the consumer sentiment index recovered a little further from a record low of 50.0 in June.

The modest rebound by the headline index came as the current economic conditions index climbed to 58.1 in July from 53.8 in June.

On the other hand, the report showed the index of consumer expectations edged down to 47.3 in July from 47.5 in June.

"The one-year economic outlook fell to its lowest reading since 2009," said Surveys of Consumers Director Joanne Hsu. "At the same time, concerns over global factors have eased somewhat."

She added, "This easing provided some limited support to buying conditions for durables, which remained near the all-time low reached last month, as well as a modest retreat in long run inflation expectations."

The report showed one-year inflation expectations dipped to 5.2 percent in July from 5.3 in June, while five-year inflation expectations slipped to 2.9 percent from 3.1 percent.

A separate report released by the Conference Board on Tuesday showed consumer confidence in the U.S. deteriorated by more than expected in the month of July.

The Conference Board said its consumer confidence index slid to 95.7 in July from a downwardly revised 98.4 in June.

Economists had expected the index to drop to 96.8 from the 98.7 originally reported for the previous month.

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